The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-03-25
THE CHESAPEAKE AND OHIO RAIL
ROAD.
Meeting of the stockholders Yesterday
Encouraging Reports-EKhibits,S &c.


Block. Major John Page in the chair and
Messrs. John Garrett and I. J. Nehloru
secretaries.
The report Of President Huntington
was read from which the following Is
taken
The company owns the following routes
Of railway. all laid with steel rails PhW-
bus 10 old Point. 7.s4 miles Newport
News 10 Huntington. j9i0j miles Hun
tinpton 20 Big Sandy river, s.oS-totaL
5lO77. branches and siding, l'452.
The Presidents report shows that the
total surplus for the year was - 1885,
58f 90. From this surplus had 70 be met
the current and past-due obligations OF
the company, amounting TO ; ,354 4Og9o,
showing deficit of Sl9l ,fOSOl The
company failed TO earn the per cent
interest paid on series b bonds. May LIST
and The il per cent. paid November list 10y
the sum Of Slgl 40s OF. even after apply
ing the earnings over operating expenses
in the months OF November ana Deem
Der towards the obligations for The year
This leaves applicable towards the inter
est maturing on said bonds on May ],
1887. only the surplus OF the hrst four
months operation i'm 1881 We should
however take cognizance Of the fact that
the above statement includes Sll0,2lO for
interest paid and charged against the
operations of the year 1885 that had ac-
crued I'm 1885. and that the payment for
equipment have been somewhat larger
than usual
The freight received and forwarded at
Newport News during the year argre
gated s3j.7l0 ;Ons-an increase of 2iSllO
tons. or 422 per cent, over 1881 The
advantages Of this port are becoming
more generally known and appreciated
bv both foreign and domestic shippers.
and we expect "a steady yearly increase
In the business handled through Chat
port
President Huntington iu concluding
+ his report. SAYS " 10 Is difficult t0 aut.ci-
pate the effect of the Interstate COM
merce law upon the future earnings of
. this property but 10 is fair to conclude
T that the intention Of this law was not t9
edec, q general reduction OF railroad
earnings. but rather tO cqua.'1e rates.
f ANY other conclusion will nccr-,it8te tle
conclusion that The law Wa. passed to
obsuuct, and NOT facilitate thc commelc.
OF fhe country, and we cannot believe
thai such was the object
GENERAL wlCEHAN'. rfrOH
General " C.. Wickham. second vice
president Of the company submitted BIDS
report Of the operations for the yeal eni-
Ing December 81 1886. 10 showed the
total earnings from freight. passenger.
mail express. &c amounted tO $4,000
OfS s.. an increase of Sf3fsi3Os orcr
1883 total operating expenses, S2e5t-
g8l o.. am increase of Sfl3 e22 oh oyer
1885. surplus over operating expenses.
Sl.22S 0G6j1. am increase of S24O.9JlO2
over 1885.
The freight earnings have increased hy
the sum of $G7g SOP %. on 2jaj per cent
of the total revenue tonnage for fhe
year 2s.29 per cent was through freight
212 per cent coal. and $3.50 per cent
other local freight The total number of
tons carried was 3.114j23. OBJ an increase
Of 1854 per cent over the previous year
The average haul per TON was 2@l $50
miles. an increase of 223l miles OF $50
per cent per ton over 1855.
The passenger earnings have increased
bv the sum of $663g239 OBJ 1889 per
cent The total number of passengers
carried during the year was j6j.sl,. an
increase AS compared with The previous
year OF 63.O7j. OF 1854 per cent OF this
number j0j0l4. or s025 per cent. were
local passengers. and 60,s34. or 1919 per
cent. were through passengers
OPERATING ENrES,E-
The operating expenses have absorbed
10Ol per cent of The gross earnings,
against i063 per cent IN 1885. and have
been as follows For conducting trans
portatiOn, motive power. maintenance of
car-. maintenance OF way and general
expenses-total, s. s51 ssl.gs
There was expended for This account
the sum of Sl23O46eO the principal
items being Wharves al Newport News
as follows On Pier 80 j. Sll,0,l39 ,
Pier 80. 2, $13936 IS coal pier Sll6Oi
Total, $2j.1237l. The company creosoted
at its own works at Newport News 3,sO9
lineal feet of piles at a cost of S9.l336l.
AT Money Point there was creosoted by
the old Dominion CreOsote Works for
use 90 our Newport News WharFes 1925
lncal feet of piles at @ cost of Fjjsl6J
Three hundred and ninety-six cubic yards
of rock was used i'm filling Pier 80 I. and
los cubic yards al Pier 80 Tn Pier
40. we drove 26.3ll lueal feet of creo
soted piles. and m PieI 80. ., 2l,35
lineal feet of cre0s0ted piles
a tobacco storage shed was built at
Newport News az a eos. Sll.s5923. An
iron bridge. costing Sj,S1l3j. was erected
over C0wpasture river In Great Bend
tunnel 2GO. lineal feat of arching
was done al a cost of S1226l51. and in
Kelleys tunnel So lineal feet of arch.ng
was put in al cost of - sos 3d.
HONOR TO WHOM HONOR l- DUE.
With The additions and Improvement.
that / have mentioned am satisfied that
we will be able 90 handle promptly and
successfully during The year 1857 tne husi-
ness of the road On the whole ] regard
the results of the years transactions as
favorable Our business in coal was con
.fT.r.ffrr aNaofpd lv a strike AMONGST